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Home My WebLink About0940 • ~ _ . . ` . ~ iasured or guaranteed by a Federal or state agenuy lincludiug I.ender i( 1.cudcr is such an institution). I.ender shsU s~pply the I~nda to pay said taxes, Assessments, insurancc ~~rcmiums and ground rents. I.ender ehall make no charge ior so holding and appl~?ing the F'unda or verifying iinil cou~piling said nasc~sments nnd bilis. Borrower ~?nd I.ender may agree in ariting at the time of execution of thia ~iortgage that intcrest on the Funda shall be_paid to Borrower, And unlc~se auch agreement is made, I.cnder gl~all not~ 1?c requirccl to ~~ay Borrower nny interc~t on the I~nds. Lender shall give to Borrower~ without cliarge, an annual accounting ot the Funda showing credit$ and debita Eo the I~nda and the put~~o~e for wl~ich euch debit to the Funds wae made. The ~nds are pledgecl ae addi-' tional aeeurity for the aums secured by this i~Iortgage. It the amount of the ~nds held by I.ender, together ~vitl~ the luture monthl~ installments of ~mds payable prior to the due dates of texes, assesamentR, insurance nre?niums nnd gmund renta, ahall exceed the aroount re- quired to pay said taxea, assessments~ insurnnce ~~remiums and qround rents as thoy fall due, sucl~ excesa ahsll be, at Borrower's option, either promptly rcpaid to Borrower or creditecl to Borrower on monthly installmente of F~nds. If the amount of the Funds held by I,ender shall not he sufficien~ to pay taxes, assessments~ insurance pre- miums and ground rents as tl~ey fall due, Borrower shall pap to Lender any amount necessary to make up the defioiency within thirty days after notice from I.ender to Borrawer requesting l,ayment thereof. IIpon ~~ayment in hill of all sums secured by this \tortgage, T,ender ahall promptly refund to Borrower any Ftinds held by I.ender. . If under parngraph l8 hereof the Property is sold or tlie Propertv is othetwise acquired by I.ender, I,ender shall apply, no later than immediately prior to the sale of thc Property or its acquisition bv I.ender~ any ~nds held by I.ender at the time of application as a credit aguinst thc sun~s secun~el by this ~tottgage. 3. Ap~ioation of Faym~nta Unless applicablc law provides othenvisc, all payments received by Lender under the Note and paragrapl~s 1 and 2 hereof sl~all be applicd by I;endcr first in payment of amounts payable to I.ender by Borrower under ~~aragraph 2 l~ereof, then to interest ~~ayable on the Note and on Future Advances, if any, and then to the ~~rincipal of the Note and to tl~e ~~rincipal of Future Advances, if any. 4. Charges: Liens. Borrower sl~all pav all txxes, nssessments nncl otlier chary;es, fines and impositions attrib- utable to the Property which may attain n priority over this 3liort.gagc, nnd ground rEnts, if any, at I,ender's option in the manner provided under paragrapli 21?ereo[ or by Borrower making ~~ayment~ when due, directly to the payee thereof. Bornower shall ~~mmptly turnisl? to ~.ender nll notices of amounts due under this paragraph, and in the event Bon+ower shall make ~~ayment directly, Borrower shall ~~romptlv furnish to I.ender receipts evi- dencing such payments. Borrawer shall promptly discl~arge any lien ~vhich has priority over this Mortgage; pro- vided~ that Borrower shail not be required to discl~argc any sucl~ lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in ~ manner acceptxble to I.ender, or sha1) in good faith contest such lien.by, or defend enforcement of sucl~ lien in, legal proceeciings which opemte to prevent the enforcem~nt of the lien or forfeiture ot the Pmperty or any ~~att thereof. , 5. Hazard Insuraace. Borrowet shall keep the impro~•ement~~ no~~• existing or hereafter erected on the Prop- crty insured against loss by fire, l~asards included within th~ term "extended coverage", and such other hasards as Lender may require and in suci~ amounts and for sucl~ ~~eriais as I.ender u~o~ require; provideci, that Lender shall not require that the amount of such coverage exceed tl~nt umount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall 1?c chosen hy Bornnver subject to approval by Lender; ~ provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid ~ at Lender's option in the ~nsnner provideci under parag~n~~h 2 hereof or by Aorrower making payment, when due, directly to the insurance carrier. All insurance polieies and renenals thereof sl~nli !~e in forn~ acccptable to I.ender and shaU include n standard mortgage clause in [avor of and in form acceptable to T.ender. l.ender shal) have the right to hold the policies and renewals thereof, und Borro~ver shall ~~romptly furnisl? to ~.ender nll rene~~ al notices and all receipts of paid pre- miums. In the event of loss, Borro~~er shall give pro~npt uotice to the insuranee carrier ancl I,ender~ and Lender may u~ake proof of loss if not made promptly by Borrower. Unless I.ender And Borrower othernise ugree.in writing, insunu~ce proceeds shall be applied to restoration or repair of the Yro~ietty damagecl, provided such restorntion or repair is econoroically fcasible and the security of this \tortguge is not tl~ereby impaired. If sucl~ restorntion or repAir is not economically feasible or if the security of this ~tortgage ~vould be impaired, tl~e insurancc prceeecis shall I,c applied to the sums secured by tl~is Mortgage, with the exc~ss, if any, paid to Borrower. Ii the Pro~~erty is "sbun~lonecl by Borrower or if Borrower fuils to respond ~I to Lender ithin 30 days ufter notice Uy Lender to Borrower tl~at the insurance carrier oPfers to settle a claim for insurance benefits, I.ender is suthorized to collect ancl ap~~ly tl~e insurnnce ~~roceecis at I.ender's option either to M restoration or repair of the Property or to tl~c sums secureci by this \iortgage. Unle.s.s Lender und Borrower othentiise agree in ~vriting, any sucl~ application of ~~roceeds to principal shall ; not extend or postpone the due dnte of the montLly installment~s refermci to in paragraphs I and 2 hereof or change the amount of such installments. ~ If under ~~aragmph 18 hereof tlie Propert~ is acquired I~y i.cnder, nll right, title an~i interest of Borrower in and to an,y insurance policies and in and to the ~~rceeecis thereof (to the extent of the smns secureci by this Mort- gage immediately prior to such sale or acquisition) resulfing from ~lamuge to tlic Property prior to the sale or acquiaition shall p~ss to Lender. 6. Preservation amd Madntenamce ot PropQrty; Leaaeholds; Condomiaiums. Borrower sl~all keep the Prop- erty in gbod repair and shall not ~~ennit or commit «aste, im~~sirn~ent, or deterioration oi the Property And shall comply with the provisions of any lease, if this ~iortgage is on a leasehold. If this ~iortgage is on a condomini~im unit, Borrower shall ~~erform al! of Borrower's obligations un~ier the ~leclaration of condominium or master deed, the by-laws ancl regulations of the condominium project and constituent documents.' ( 7. Protection of Lender's Security. If Borro~ver fails to ~?erforni the covenants and agreements contsined in this ~iortgage, or if any sction or ~~rocecding is comn~enced ~vhicl~ ~nateriallv uffects I.ender's interest in the Ptop- erty, inetuding, but not limitcci to, eminent domain, iusoivencv, caic enforcement, or an~tnRements or proceed- in~s involving a bankrupt or decedent, then I.ender at I.encier ~ ontion, ~ipon notice to Bonower, ma}c make such uppearances, disburse sucli sums and take sucl~ action as is nece~sary to ~irotect T.ender's interest, inr,luding, but not limited to, disbursement of reasonable ~ttorney'. fec~ an~i entrv upon the Pro~~erty to inake repairs. Any amount$ disbursed by Lender pursuant to this parngraph 7, ~~•ith intcrest thereon, shull become additional indebt- edness of Borrower secured lry this ~Iortgage. Unlc~s Borrowcr and i.ender agree to other tenns of payment, such amounts shull be payable up~n notice from Lender to Aorro~cer requesting ~~ayment thereof, and shell bear inter- est from the date of disbursement a~ tl?c rate stateci in the \ote unle.< ~?nyenent of interest at such rate would be contrary to applicablc law, in which e~~ent sucli amounts sl,ail t?ear interest. at thc l~ighest ratc ~~ermissible by applicable law. Nothing containeci in this ~~aragrapl~ 7 slial! requirc I.ender to incur any ex~~ense or do any act. hereunder. . . $~2~5 935 ~ ~ - - - .~~~_~_-re~ ~ - ~L•.; ~